Refex Industries Announces ₹927.81 Crore Fundraising Initiative for Strategic Growth

On October 3, 2024, Refex Industries Limited announced its plan to raise ₹927.81 crore through a preferential issue of equity and convertible warrants. This fundraising initiative is aimed at bolstering the company’s sustainability and innovation across its business sectors.

The proposed issue includes a significant contribution of ₹530 crore from high-net-worth individuals (HNIs) and family offices, with around ₹372 crore coming from the promoter group. Additionally, Mr Dinesh Kumar Agarwal, Group CEO of Refex, will personally invest ₹26 crore, reflecting a strong leadership commitment to the company’s growth.

Monarch Networth Capital Limited (MNCL) served as the sole banker and advisor for this strategic issuance. The raised funds will be allocated towards investments in Refex’s subsidiary companies, capital expenditures, working capital, repayment of existing loans, and general corporate purposes.

This fundraising effort comes at an opportune moment for Refex Industries, which continues to innovate, particularly in ash management logistics to address environmental challenges in thermal power plant operations. Additionally, Refex’s advancements in the electric vehicle sector, through its subsidiary focused on passenger mobility services, highlight the company’s commitment to sustainable growth.

Commenting on this fundraising, the Managing Director of Refex Industries, Anil Jain, said, “Our focus on sustainability drives our efforts in both ash handling logistics and EV mobility. This funding empowers us to build innovative solutions with a strong emphasis on environmental, social, and governance (ESG) principles. The support from our investors and leadership team showcases their confidence in our mission to create a cleaner, greener future.”

About Refex Industries Limited

Refex Industries Limited is one of India’s leading business entities, with operations spanning various sectors. These sectors include logistics for ash and coal handling, electric vehicle (EV) mobility, refrigerant gases, and power trading. In Q1 FY25 (unaudited financial results), Refex Industries reported an increase in revenue of ₹208.28 crores, reflecting a growth of 54.62% compared to Q1 FY24. Additionally, EBITDA rose by ₹15.67 crores, marking a 42.85% increase, while profit before tax (PBT) saw a surge of ₹18.12 crores, translating to a 60.56% rise from the previous fiscal year.

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